Sector Update: Financial Stocks Back on Positive Ground in Late Trade

Last Updated: Thursday, September 16, 2021 3:30 PM | MT Newswires

Financial stocks turned narrowly higher, with the NYSE Financial Index rising 0.2% this afternoon, reversing a morning slide, while the SPDR Financial Select Sector ETF (XLF) was ahead 0.1%.

The Philadelphia Housing Index also was climbing 1.4% and the SPDR Real Estate Select Sector ETF (XLRE) was up 0.5%.

In company news, Allstate (ALL) was edging higher this afternoon, overcoming a nearly 1% slide earlier Thursday that followed the insurer saying it expects a $498 million after-tax catastrophe loss resulting from Hurricane Ida and the Catagory 4 storm making landfall in Louisiana on August 29 and its remnants dropping record rainfall across 19 states before moving offshore again in New England on Sept. 2.

Great Western Bancorp (GWB) rose over 13% after agreeing to a $2 billion, all-stock buyout offer from First Interstate BancSystem (FIBK), which will issue 0.8425 of a share for each Great Western share, indicating a $35.65 per share price for the target company, or 24.7% above Wednesday's closing price. First Interstate shares were 6.6% lower this afternoon.

Offerpad (OPAD) climbed almost 50% after the real estate developer finalized a $300 million, 24-month loan agreement with JPMorgan (JPM), Wells Fargo (WFC), and other lenders to fund its purchase and renovation of single-family properties. The Sept. 10 loan package also includes a $100 million accordion feature and up to $50 million in mezzanine funding, according to a regulatory filing Wednesday night.

Among decliners, Ashford Hospitality Trust (AHT) fell 5.1% after the real estate investment trust late Wednesday said it generated $94.16 in revenue per available room during August, down 11% from the prior month 27% below year-ago levels. Hotel net income also fell to $900,000 last month compared with $7.9 million during July and $15 million in August 2019.

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